US: Existing home sales rose 0.7% to 5.61 million in November

Sales of existing homes rose 0.7% from October to a seasonally adjusted annual rate of 5.61 million last month, the National Association of Realtors said Wednesday. That was the strongest monthly reading since February 2007.     

Analysts had expected sales to decline in November to a 5.54 million annual pace. October's sales were downwardly revised to 5.57 million from an initial estimate of 5.60 million.     

Compared with a year earlier, sales were up 15.4% in November.